Weekly XAUUSD Forecast (5/6 - 9/6)
XAUUSD has been an incredibly sideways market since March. That’s been especially true over the last two weeks. However, XAUUSD is respecting the levels I mentioned last week.
You can see how $1,957 served as a pivot recently, and gold bears have defended $1,982, both levels I mentioned last week. On the other hand, Friday’s candle looks more ominous than anything we’ve seen recently.
It’s unclear if this was due to a lack of volume on Friday or if gold bears intend to push the market below the November trend line.
A sustained break below that trend line would open up lower levels like $1,920, $1,886, and $1,855. But remember that the $1,940 trend line is support for now.
You can see how $1,957 served as a pivot recently, and gold bears have defended $1,982, both levels I mentioned last week. On the other hand, Friday’s candle looks more ominous than anything we’ve seen recently.
It’s unclear if this was due to a lack of volume on Friday or if gold bears intend to push the market below the November trend line.
A sustained break below that trend line would open up lower levels like $1,920, $1,886, and $1,855. But remember that the $1,940 trend line is support for now.